Common use of Pledged Subsidiaries Clause in Contracts

Pledged Subsidiaries. The UK Subsidiary, the German Subsidiary and the French Subsidiary, at any time maintain, collectively, assets with an aggregate gross value exceeding $1,500,000 (the “Subsidiaries Assets Threshold”), provided however, that the foregoing threshold shall not include funds transferred to each such Pledged Subsidiary solely for the purpose of compensation expenses that are discharged within 5 days from the date of such transfer.